From Monday to Saturday, BTC experienced a 2.86% decrease, reaching $50,686. The net inflows in the BTC-spot ETF market affected the demand for BTC buyers. Despite this setback, BTC surged to a new high for 2024 at $53,026 before retracting.
The iShares Bitcoin Trust (IBIT) continued to lead with net inflows of $375.9 million from Monday to Thursday. However, the Fidelity Wise Origin Bitcoin Fund (FBTC) took the top position on Thursday with net inflows of $158.9 million. This marked the first time since February 7 that FBTC surpassed IBIT in net inflows.
Although net inflows bounced back on Thursday, it's expected to be significantly lower compared to the previous week. As of Thursday (February 22), the net inflows in the BTC-spot ETF market amounted to $351 million (from Tuesday to Thursday). In contrast, the previous week saw net inflows of $1,778 million (from Tuesday to Friday).
Despite a notable decrease in outflows from the Grayscale Bitcoin Trust (GBTC), its impact on investor sentiment remained limited. From Tuesday to Friday, net outflows reduced from $529 million to $436 million compared to the figures from the previous week.
There were no updates related to the SEC v Ripple case during the week. Remedies-related discovery between the SEC and Ripple concluded on Tuesday, February 20. According to the court schedule, both parties must file remedy-related briefs by March 13 and April 12, respectively.
The SEC and Ripple will present arguments for and against a punitive penalty concerning XRP sales to institutional investors. However, the SEC's plan to appeal the ruling on Programmatic Sales of XRP remains intact. Legal experts in the crypto field anticipate the courts to uphold the Programmatic Sales ruling, yet uncertainty persists, keeping XRP below the $0.60 mark.
Ripple CEO Brad Garlinghouse addressed various topics including the case, the spot ETF market, and crypto custody in an interview with Bloomberg. While highlighting the SEC's losing streak in courts, Garlinghouse discussed Ripple's venture into crypto custody.
Regarding the possibility of an XRP-spot ETF and discussions with major issuers like BlackRock (BLK), Garlinghouse refrained from commenting directly, stating, "I’m not going to comment on that, and I know BlackRock has said some things publicly. We think it makes sense for the XRP community overall."
This week saw Amicus Curiae attorney and CryptoLaw US founder John E Deaton entering US politics. On Monday, Deaton announced his candidacy, expressing his intention to challenge Senator Elizabeth Warren for Massachusetts.
A poll by Boston.com revealed that 57% of respondents believed Senator Warren was vulnerable to Deaton in the race, while 39% viewed her as too entrenched. Senator Warren reacted to Deaton's entry, suggesting political affiliations behind his candidacy, to which Deaton responded by emphasizing his focus on substantive issues important to Massachusetts.
Senators Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act, aiming to implement anti-money laundering and counter-financing of terrorism frameworks for the digital asset space. Notably, the American Bankers Association's involvement in drafting the bill was acknowledged by Senator Marshall following a hearing where Senator Warren advocated for more crypto regulations.
The crypto community closely monitored the SEC v Coinbase (COIN) case. Ripple CEO Brad Garlinghouse remarked on the skeptical tone of the Judge towards the SEC's arguments in the Coinbase case during an interview with Bloomberg.
Garlinghouse also discussed the regulatory landscape and the possibility of regulation by enforcement, suggesting that a shift could occur if the SEC consistently loses or if Congress intervenes with new legislation. Coinbase's Motion to Dismiss (MTD) in August, contesting the SEC's regulatory authority over crypto exchanges, awaits a court ruling that could reshape crypto regulation.
The European Central Bank (ECB) targeted the US Bitcoin-spot ETF market through a blog reiterating the belief that the fair value of BTC remains zero. Michael Saylor, the founder and Chairman of MicroStrategy (MSTR), responded to the blog, highlighting the ECB's focus on Bitcoin.
Earlier in the week, Saylor shared a graphic illustrating the performance of MSTR, BTC, and other asset classes since MSTR adopted its BTC strategy. Since August 10, 2020, MSTR has gained 466%, with BTC up 333%, while traditional indices like the Nasdaq Composite Index and S&P 500 saw increases of 44% and 49%, respectively. Gold experienced a 1% decline during this period.
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